Explosive growth in India

The Actuarial Society of India (ASI) has projected the employment potential of the actuarial sector in India at 100,000 jobs soon. Its data shows that actuaries grew from 400 in 2000 to 4,000 in 2004. The projection is based on opening up of the pensions sector, implementation of Basel-II norms in the banking sector in 2006, and emergence of risk management as a key function of actuaries. The insurance sector, particularly general insurance, is now availing actuarial services. There are 80 firms in India offering such services. The Insurance Regulatory and Development Authority (IRDA) plans to set up a school of actuarial sciences. The UK profession will offer enhanced actuarial training facilities. IRDA is in negotiations with the Actuaries Society of India for the project.